A VA home loan is a benefit earned through military service that lets eligible veterans, service members, and some surviving spouses buy a home with no down payment and no monthly mortgage insurance. The VA does not lend the money. It guarantees part of the loan, and approved mortgage companies make it. Duane Buziak is a mortgage broker in Henrico County, Virginia, with an office at 4860 Cox Rd in Glen Allen, helping families find their new homes since 2014. This article covers what the home loan for veterans benefits includes, who qualifies, what it costs, and how it plays out in Glen Allen, Short Pump, Innsbrook, and the rest of the county.
Written by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC NMLS #376205
What the VA Home Loan Benefit Includes
The VA guarantees a portion of each qualifying loan, which protects the mortgage company if a borrower defaults. Because that risk is reduced, mortgage companies can offer terms that conventional loans rarely match. Duane Buziak is a mortgage broker, not a direct lender, so he compares VA programs across multiple wholesale options rather than quoting from a single rate sheet.
The core features for eligible borrowers are:
- No down payment required. You can finance up to the full purchase price, subject to appraisal and qualification.
- No monthly mortgage insurance. Conventional loans with less than 20% down carry private mortgage insurance. VA loans do not.
- Limits on certain closing costs. The VA restricts which fees a veteran may be charged, and it caps the lender’s flat origination fee at 1%.
- No prepayment penalty. You can pay the loan down early or refinance without a fee for doing so.
Terms worth knowing
Entitlement is the amount the VA will guarantee on your behalf. The VA funding fee is a one-time charge that helps keep the program running; it replaces monthly mortgage insurance. A Certificate of Eligibility (COE) is the document that confirms you qualify. Residual income is the VA’s measure of how much money remains each month after taxes, debts, and housing costs, scaled by family size and region. It is a second test alongside your debt-to-income ratio.
A common misconception
Many veterans believe the benefit works only once. It does not. Entitlement can be restored after a loan is paid off and the home is sold, and in some situations you can hold more than one VA loan with remaining entitlement. The details depend on your history, so check the VA entitlement and loan limits page for current rules.
Who Qualifies: Service Requirements and the Certificate of Eligibility
Eligibility starts with service, not with your finances. The groups that can qualify are veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses. Minimum service differs by era. Generally, active-duty members need around 90 continuous days of service during wartime or 181 days during peacetime, while Guard and Reserve members typically need six years of service, with exceptions. These thresholds change and have many special cases, so confirm yours on the VA home loan eligibility page.
The Certificate of Eligibility is the proof. Here is how to get one:
- Gather your discharge paperwork (a DD214 for veterans) or a current statement of service if you are on active duty.
- Request the COE online through your VA.gov account using the VA’s COE request page.
- Or ask your mortgage broker to pull it. Duane Buziak can usually retrieve it through the VA’s lender system once he has your service details.
- Keep a copy. You will need it for your loan file and any later purchase or refinance.
Eligibility and loan approval are separate questions. The VA sets no minimum credit score, but individual mortgage companies set their own standards, often called overlays, and those vary from one wholesale option to the next. This is where a broker earns his keep: a score that falls short on one shelf may be fine on another.
Military life is part of the regional picture here. Defense Supply Center Richmond sits in neighboring Chesterfield County, not in Henrico, but it and other installations around central Virginia mean many Henrico households include someone with a service record, from Glen Allen to Tuckahoe.
What a VA Loan Costs: Funding Fee, Closing Costs, and a Worked Example
The funding fee depends on your down payment, whether this is your first use of the benefit, and the loan type. As of 2026, the fee on a purchase with no down payment is 2.15% for first-time use and 3.3% for subsequent use. It drops to 1.5% with 5% down and 1.25% with 10% down. Rates for refinances differ, and the VA can change the table, so verify it on the VA funding fee page.
Veterans who receive VA disability compensation are exempt from the fee, as are Purple Heart recipients and certain surviving spouses. If that describes you, the cost below shrinks to zero for the fee line.
Worked example: $450,000 purchase, no down payment
This is an illustration, not a quote. Suppose a first-time VA user buys a $450,000 home in Henrico with $0 down on a 30-year fixed loan at an illustrative 6.5%. Rates change daily.
- Funding fee at 2.15%: $450,000 × 0.0215 = $9,675
- Fee financed into the loan: $450,000 + $9,675 = $459,675 loan balance
- Principal and interest at 6.5%: about $2,905 per month
- Mortgage insurance: none
Now compare a conventional loan with 5% down on the same house, using the same illustrative rate and an assumed PMI cost of 0.6% per year, which varies with credit score:
- Down payment: $22,500, leaving a $427,500 loan
- Principal and interest at 6.5%: about $2,702 per month
- PMI: $427,500 × 0.006 ÷ 12 = about $214 per month
- Total: about $2,916 per month
The monthly payments land within about $10 of each other. The difference is the $22,500 the conventional buyer must bring to the table. Property taxes and homeowners insurance are excluded from both figures.
Closing costs
The VA limits which fees a veteran can be charged, and sellers may pay a veteran’s allowable closing costs. Concessions beyond those are capped, so confirm the current limits with your broker. Combined with seller credits, a no-out-of-pocket closing option is often possible, depending on the contract and the market.
VA Loan Limits, Cash-Out Refinance, and Larger Henrico Purchases
If you have full entitlement, the VA sets no cap on the amount it will guarantee. The practical limit is what a mortgage company will approve based on your income, debts, residual income, and the appraisal. That matters in the higher-priced parts of Henrico, where buyers in Short Pump, Wyndham, and Twin Hickory regularly look at homes above the conforming loan limit.
Reduced entitlement is different. If you still have a VA loan outstanding or lost entitlement on an earlier one, county loan limits apply to the guaranty. For 2026 the FHFA baseline conforming limit is $832,750, with a high-cost ceiling of $1,249,125. Henrico County falls under the baseline limit as of this writing, but check your exact county on the FHFA conforming loan limit page.
For high-balance VA scenarios, pricing and overlays differ more than buyers expect. Duane Buziak compares options across wholesale shelves so a Short Pump buyer is not stuck with whatever one company happens to offer on a larger loan.
Cash-out refinance
A VA cash-out refinance allows borrowing up to 100% of the home’s value, which lets a veteran turn equity into cash or pay off other debt. A conventional cash-out refinance is capped at 90% loan-to-value. Details are on the VA cash-out refinance page.
IRRRL
The Interest Rate Reduction Refinance Loan, or IRRRL, is the VA’s streamline option for veterans who already have a VA loan and want a lower rate or a more stable one. It generally has lighter documentation and no appraisal requirement in many cases, but it carries net tangible benefit rules and a reduced funding fee. Requirements change, so see the VA IRRRL page.
VA vs. Conventional vs. FHA: Side-by-Side for Henrico Buyers
The table below compares the three most common paths for a Henrico buyer. Figures reflect general program rules as of 2026 and can change.
| Feature | VA Loan | Conventional | FHA | Why It Matters |
|---|---|---|---|---|
| Down payment | None required for eligible borrowers | Often 3% to 5% minimum; 20% avoids PMI | 3.5% with qualifying credit | Cash needed at closing is often the main barrier to buying. |
| Monthly mortgage insurance | None | PMI when under 20% down, removable at sufficient equity | Annual premium, often for the life of the loan with low down payments | This is a recurring cost that raises the payment every month. |
| Upfront fee | Funding fee, waived for many disabled veterans | None | Upfront mortgage insurance premium | Each can be financed, which changes your loan balance. |
| Credit flexibility | No VA minimum; overlays vary by company | Typically stricter score requirements | More flexible than conventional, with score tiers | Shopping multiple shelves matters most when your credit is borderline. |
| Who qualifies | Veterans, service members, certain surviving spouses | Any qualified buyer | Any qualified buyer | VA is a benefit you earned. Use it if you have it. |
| Occupancy | Primary residence, including up to four units if you live in one | Primary, second home, or investment | Primary residence, including up to four units | Your plan for the property can rule a program in or out. |
For most veterans buying a first or second home in Glen Allen, Lakeside, or Tuckahoe, VA is the strongest fit: no down payment, no monthly mortgage insurance, and flexible qualifying. A veteran with substantial equity from a prior sale may still want a comparison. With 20% or more down, a conventional loan avoids PMI as well and skips the funding fee, so the math can be close. For the FHA side, see HUD’s FHA loan information.
Duane Buziak runs these scenarios side by side across multiple wholesale shelves, so you see the actual payment and cash-to-close for each path, not a single quote.
Using Your VA Benefit in Henrico: Appraisals, Offers, and Next Steps
The VA appraisal does two jobs: it sets value and checks the home against the VA’s Minimum Property Requirements, which are meant to ensure the house is safe, sound, and sanitary. In much of Henrico, that is routine. Older homes near Lakeside and Tuckahoe, many built decades ago, are more likely to draw repair requests such as peeling paint on older exteriors, a roof near the end of its life, or failing handrails. Newer construction in Short Pump and Twin Hickory rarely has these issues. Ask your agent to flag likely problems before you write an offer.
Some sellers still assume a VA offer means delays or deal-killing repairs. A strong pre-approval, a reasonable closing timeline, and an agent who explains the process address most of that. The VA loan is a well-established product, and an offer backed by a documented approval reads as seriously as any other.
Duane Buziak offers credit-safe pre-qualification through the NoTouch Credit Pull, a soft pull that does not affect your credit score. You see your options before any hard inquiry.
For scale, the 2020 Census counted 330,818 residents in Henrico County, according to the U.S. Census Bureau’s Henrico County QuickFacts page, which also lists current median home value. The $450,000 purchase above is an illustration, not the county median.
Here is the usual path:
- Get your Certificate of Eligibility.
- Complete a credit-safe pre-qualification.
- Tour homes with an agent experienced in VA offers.
- Submit your offer with your pre-approval letter.
- Complete the VA appraisal and any required repairs.
- Close on your new home.
Veterans Home Loan FAQ
Can I use my VA loan more than once?
Yes. Entitlement can be restored after you repay a VA loan and sell the home, and some veterans hold a second VA loan using remaining entitlement. Rules vary, so check the VA entitlement page.
Is there a minimum credit score?
The VA sets no minimum score. Individual mortgage companies set their own, and a broker can look for one whose standards fit your profile.
Do I pay mortgage insurance?
No. VA loans have no monthly mortgage insurance. Most borrowers pay a one-time funding fee instead.
Can I buy a multi-unit property?
Yes, up to four units, provided you live in one of them as your primary residence. Larger loans may require stronger qualification.
Can a surviving spouse use the benefit?
Some can. Eligibility depends on the circumstances of the service member’s death and the spouse’s situation, so review the VA eligibility page.
Is the funding fee waived for disabled veterans?
Generally yes. Veterans receiving VA disability compensation are exempt as of 2026, along with certain others. Confirm on the VA funding fee page.
Can I do a cash-out refinance?
Yes. A VA cash-out refinance allows up to 100% loan-to-value, versus a 90% maximum on a conventional cash-out.
Will pre-qualifying hurt my credit?
Not with Duane Buziak. The NoTouch Credit Pull is a soft pull and has no impact on your credit score.
No Down Payment, No Monthly Mortgage Insurance: Where to Start in Henrico
The VA benefit removes the two biggest barriers most buyers face: a large down payment and a monthly mortgage insurance bill. What remains is knowing your eligibility, understanding the funding fee, and choosing a mortgage broker who compares options for you.
Your dream home in Henrico County is closer than you think. Discover exactly what you can afford with a credit-safe pre-qualification that protects your score while unlocking your options. Get pre-qualified today or call Duane Buziak at Henrico Mortgage by Duane Buziak at 804-212-8663 and take the first step with a local mortgage expert who understands your community.